EFFECT OF BUDGET AND BUDGETARY CONTROL MEASURES ON

ORGANIZATIONAL PERFORMANCE (CADBURY PLC)

A SEMINAR PAPER

WRITTEN BY

UMANA, LEO LEO

14/BA/AC/1381
DEPARTMENT OF ACCOUNTING
FACULTY OF BUSINESS ADMINISTRATION
UNIVERSITY OF UYO, UYO

SUBMITTED TO

DR. NSIMA UMOFFONG

COURSE LECTURER
ACC 442: ACCOUNTING SEMINAR
DEPARTMENT OF ACCOUNTING
UNIVERSITY OF UYO, UYO

JUNE, 2018
 ABSTRACT

The slow pace of organizational performance in Nigeria has been attributed in part to

inadequacy in the process and implementation of budget and budgetary control. This study

examines how budget and budgetary control can impact on the performance of Cadbury Plc

which was selected through random sampling technique. An investigative study was undertaken,

using the correlation analytic techniques specifically the Pearson Product Movement Correlation

Coefficient (PPMCC). The results indicates that the is a strong relationship between turnover as

a variable of budget and performance indicators (Earnings Per Share). Following the findings,

managers are advised to improve the more on the budget and budget control systems. It is

evident that budget and budgetary control can reposition a creeping organizational performance

into an increased high capacity utilization point.

 SECTION ONE

INTRODUCTION

Background of the study

In the business world today, organizations have developed a variety of processes and

techniques designed to contribute to the planning and control functions. One of the most

important and widely used of these processes is budgeting. Budgeting involves the establishment

of predetermined goals, the reporting of actual performance results and evaluation of

performance in terms of the predetermined goals. Budgetary control systems are universal and

have been considered an essential tool for financial planning. The purpose of budgetary control

is to provide a forecast of revenues and expenditures, this is achieved through constructing a

model of how a business might perform financially if certain strategies, event and plans are

carried out. (Churchill, 2001).

Budgetary control is the process of developing a spending plan and periodically

comparing actual expenditures against that plan to determine if it or the spending patterns need

adjustment to stay on track. This process is necessary to control spending and meet various

financial goals. Organizations rely heavily on budgetary control to manage their spending

activities, and this technique is also used by the public and the private sector as well as private

individuals, such as heads of household who want to make sure they live within their means

(Dunk, 2009).

After the whole process of control system through the budget preparation, budget

evaluation, reward and punishment by monitoring of budget execution. With a narrow budgetary

control, an organization can prepare a good budget as a basis for performance management and
standards on a regular basis in order to compare actual performance with the budget to analyze

differences in the results and take corrective measures, which mainly involves the process of

budget implementation, evaluation and control (Hokal and Shaw, 2002).

Budgetary control is the process of developing a spending plan and periodically comparing

actual expenditures against that plan to determine if it or the spending patterns need adjustment

to stay on track. This process is necessary to control spending and meet various financial goals.

Organizations rely heavily on budgetary control to manage their spending activities, and this

technique is also used by the public and the private sector as well as private individuals, such as

heads of household who want to make sure they live within their means (Dunk, 2009).

Budgetary control is a system of management control in which the actual income and spending

are compared with planned income and spending, so that the firm can make decisions if plans are

being followed and if those plans need to be changed in order to make a profit. Budgetary control

is the one of best technique of controlling, management and finance in which every department's

budget is made with estimated data. Then, the management conducts a comparative study of the

estimated data with original data and fix the responsibility of employee if variance will not be

favorable.

By implementing proper budgetary control planning, the firm is able to reduce costs and

improve on quality of its services based on its budgetary allocations. This helps to reduce on

costs and achievement of goals is enhanced and thus organizational performance (Mathis, 1989).

By budgeting, managers coordinate their efforts so that objectives of the organization harmonize

with the objectives of its parts. Control ensures that objectives as laid down in the budgets are

achieved (Churchill, 2001).

Statement of Problem

Budgeting and budgetary control is one of the essential functions of every organization

(business, Nonprofit or governmental). Survival and growth of any corporate organization

depends on effective budgetary control measures. This implies that if budgets are effectively

designed and implemented, an organization can achieve massive results.

On the other hand, in Nigeria today, there are incidences of corporate failure in most

organizations. Managers are not taking advantage of the budgetary process to the success of the

organizations. The behavioral or human aspect of budgeting is equally worrisome; how do

people’s attitudes affect the budgets, and in turn, how do budget affect people’s behavior?

Budgetary control as a pertinent management tool propels organization and enhances improved

performance of the economy in a variety of ways( Batman & Evans, 1983 ). It holds a primary

function of serving as a guide to financial planning operators.

According to Steven (2002), budgeting and control entail distinct pattern of decisions in

an organization which is capable of determining its objectives, purposes or goals, and how these

goals are achieved by establishing principle policies and plans. However, the inability to identify

the problem concerned and fixing a limit of investigation creates a bottleneck for the successful

implementation and control. Some companies settle for narrow ranges of alternatives which are

occasioned by their past experiences and present scenario, other management levels even avoid

long term planning and budgeting in favor of today’s problems thereby making the problems of

tomorrow more severe and complex.

Objectives of the study

The objectives of the study are in two parts, general and specific objectives.
The general objective of this study is to examine the effect of budget and budgetary control in

organizational performance.

The specific objective includes:

1. To access the relationship that exist between budget and budgetary control measures.

2. To access the extent to which budget affects organizational performance.

Research Questions

The following questions will help formulate hypotheses for this study:

1. What relationship exists between budget and budgetary control?

2. To what extent does budget affects organizational performance?

Statement of Hypotheses

The hypotheses that will be tested in section four of this research includes:

1. Ho1: there is no positive relationship between budget and budgetary control

2. Ho2: there is no positive relationship between budget and the degree of organizational

performances
 SECTION TWO

LITERATURE REVIEW
This section reviews existing literature on inventory management and control in
manufacturing firms. It explores the depth and breadth of existing literature as studied by various
scholars. Comprehensive analysis of the topic has been done under the following headings:
conceptual framework, theoretical review and empirical review

Conceptual Framework

Meaning of Budget

Over the past two decades, one word that has become the common currency in all
managers’ vocabulary is “budgets”. The budget is perhaps the most chosen course of action or in
action by the management and staff across all sectors. Management at all level within the public,
private and the third sector have used the budget as their shield or excuse when confronted or
challenged about any decision. It’s not uncommon to hear variations of the phrases “the budget
doesn’t permit us to”.

Frederick (2001) defined budget as plan that is measurable and timely. Bruns and
Waterhouse (1975) also defined budget as financial plans that provide the basis for directing and
evaluating the performance of individuals or segments of organizations. Merchant (1981) defines
budgeting system as a combination of information flows and administrative processes and
procedures that are usually integral part of the short-range planning and control system of an
organisation. Drury (2006) defines budget as a plan expressed in quantitative, usually monetary
term covering a specific period of time usually one year in other words a budget is a systematic
plan for the utilization of manpower and materials resources.

In a business organisation a budget represents an estimate of future costs and revenues.

Lucey (1996) defines budget as a plan expressed in money terms. It is prepared and approved
prior to the budget and may show income, expenditure and the capital to be employed. It may be
drawn up showing incremental effects of former budgeted or actual figure, or be compiled by
zero -based budgeting. Blocher et al (2002), argue that budgets help to allocate resources,
coordinate operations and provide a means for performance measurement. Non-profit making
organisations like other organisations undertake various forms of policies, programmes and
activities covering economic, social, political etc. These activities entail financial counterpart in
the form of revenue and expenditure. A budget is a document that reflects the estimates of
income and expenditure of a non-profit making organisation, government, local authority or a
firm for a particular period of time, possibly, from 1st April to 31st March.

Some objectives are realized in the short-term and some are realized in the long- term in
relation to multi-year programmes that have been adopted. Erasmus and Visser (2000) state that
an annual budget thus serves as an implementation tool for long-term objectives. Public sector
budget, is a prospectus referring to expected future revenue and expenditure activities of the
government for the forthcoming period. It is used as an instrument to allocate public resources
toward achieving some public value. Budgets, by definition, have to be prepared in advance and
for this reason, they are often referred to in terms of their being part of a feedforward system.

Feedback is a term frequently heard both in accounting and ordinary use. According to Hall
(1996) feedforward, on the other hand tends to be less frequently heard, yet this word
incorporates the most important aspect of budgeting. It means looking at situations in advance,
thinking about the impact and implications of things in advance, and attempting to take control
of situations in advance. From the definition of budgets three key components are distinguished.
First, recognize the planning aspect of budget. The plan is regarded as the statement of intent or
goal of the organisation. The second aspect is the measurability. This makes it possible to
measure the plan. The third component is time. It gives the possibility to say if the plan is
achieved .In summary, a budget is a statement setting out the monetary, numerical or non
quantitative aspects of an organisation's plans for the coming week, month or year. Budgetary
control is the analysis of what happened when those plans came to be put into practice, and what
the organisation did or did not do to correct for any variations from these plans. .

Characteristics of Budget

Gregory (2005) gives characteristics of a good budget. According to the author, a good
budget is characterized by the following:

a. Participation: involves many people as possible in drawing up a budget

b. Comprehensiveness: embrace the whole organization.

c. Standards: base it on established standards of performance.

d. Flexibility: allows for changing circumstances.

e. Feedback: constantly monitor performance.

f. Analysis of costs and revenues: this can be done on the basis of product line, departments or
cost centers.

Types of Budget

Gregory identifies the main types of budget. These include:

 Fixed budget: Fixed budgets are often used by firms which rely on their forecasts.
Hofstede (1968) writes that one discussed issue in the accounting literature is whether a
budget should be fixed or variable with respect to volume or sales or other inputs. The
fixed budget is therefore a budget which once made and accepted cannot be changed for
whatever reason being that fixed cost are incurred and still persists irrespective of sales
volume.
 Flexible Budget: in the view of Garrison (2000), a flexible budget reflects the effect of
changes in the budgeting environment which affect the performance of the budget, it does
not confine itself to only one level of activity and actual results do not have to be
compared against budgeted costs at the original activity level.
 Capital Budget: Pandy (1999) defines capital budgeting as the firm’s decision to invest
an entity’s current funds most efficiently in long-term activities in anticipation of an
expected flow of the future benefits over a series of years.
 Sales Budget: Stanton (1971) mentions that the cornerstone of successful marketing
planning in a firm is the measurement and forecasting of market demand. The key figure
needed is the sales forecasts because it is the basis for all budgeting and all operation in
the firm. Radford and Richardson (1963) expressed their view that “effectiveness of
budgetary control depends on the accuracy of sales estimates.” In profit making
organisations, the sales budget is very important because it helps in determining profit for
the year.
Classes of Budget

Adams et al (2003), identifies five different classes of budget; activity based budgeting,
zerobased, value based, profit planning and rolling budget and forecast.

1. Activity Based Budgeting (ABB): Activity based budgeting (ABB) is similar to activity based
costing (ABC) and activity based management (ABM). ABB actually involves planning and
controlling along the lines of value adding activities and processes. Resource and capital
allocations decisions are consistent with ABM analysis, which involves structuring the
organisation’s activities and business processes so that they better meet costumers and external
need. From the perspective of Wilhelmi and Kleiner (1995), ABB can be applied in all industries
and in all functions, including service industries and overhead functions. It also can be used in
manufacturing. It is really a management process, operating at the activity level, for continuous
improvement on performance and costs.

2. Zero-Based Budgeting: The Zero based budgeting (ZBB), expenditures must be re-justified
during each budgeting cycle rather than basing budgets on previous years or periods. ZBB is not
build on inefficiencies and inaccuracies of previous history. The author also noted that the value
of this approach depends on the stability of operating environment.

3. Value-Based Budgeting This is a formal and systematic approach for managing the creation of
shareholders value over time. All expenditure plans are evaluated as project appraisals and
assessed in terms of the shareholder value they will create. This helps to link strategy and
shareholder value to planning and budgeting

4. Profit Planning Budgeting This is about planning the future financial cash flows of profit
centers (profit wheel), it gives the possibility to assess whether an organisation or unit generates
sufficient cash flows, creates economic value and attracts sufficient financial resources for
investment. It also ensures consideration of an organisation’s short-and and long term prospects
when preparing its financial plans.

5. Rolling Budgets and Forecast: It appears to have the most potential as the better regular
budgeting approach. It enables firm improve their forecast accuracy and overcome the traditional
budgeting time lag problem. This is by: solving the problems associated with frequent budgeting,
being more responsive to changing circumstances, but requiring permanent resource to
administer, and overcoming problems linked to budgeting to a fixed point in time – i.e. the year
end and the often dubious practices that such cut-offs encourage.

The implementation of the budget after the formulation stage involves;

1. Allocating responsibilities and resources.

2. Monitoring and evaluating performance.

3. Collecting and analyzing financial and non-financial data to determine variances and
deviations.

4. Reaching a conclusion after comparing all the alternative choices made.

5. Taking corrective and comprehensive measures or actions to overcome the variances and
deviation.

Preparation of Budget and Budgetary Controls

Maitland (2001) mentions that the process of preparing and agreeing on a budget is a
means of translating the overall objectives of the organization into detailed, feasible plan of
action. Public budget preparation is one of the tedious tasks that any country should look upon.
The preparation process for the annual budget involves a great deal of energy, time, and expense.
Hence, it is important that a country must be able to follow accurately all the methods of
preparing an annual budget. In budgeting, the focus is not only to prepare the budget, but more
importantly to have a follow-up operation for budgeting and t o act according to known data.

Based on this, Falk (1994) states that budgets are financial expressions of a country’s
plan for a period of time. It tells where and how the organisation will spend money and where
the money will come from to pay these expenses. He adds that budgets set limits. He says,
“Imagine how chaotic an industry or country would be if everyone was allowed to spend as
much as they wished on whatever they wanted.” Besides setting limits, Andrews and Hill (2003)
say that budgets also provides the assurance that the most important needs of a country are met
first and less important needs are deferred until there are sufficient funds in which to pay for
them.
Purposes of Budget Preparation

Budgets should be prepared to serve the following purposes:

1. Planning: There is the likelihood that managers may be tempted not to plan for future
operations because of day to day pressures and operating challenges. The budgeting planning
process ensures that managers do plan for future operations, and that they consider how
conditions in the next year might change and what steps they should take now to respond to these
changed conditions.

2. Coordination: This brings different parts of the budget together, reconciled into a common
plan. Budgets are not prepared for the benefit of individuals involved in the process but for the
best interest of the business or the stakeholders. Without guidance therefore, managers might
make their own decision that will work against the overall objective of the business.

3. Communication: Everyone in the budget preparation chain must be aware of their input to the
success of the entity’s financial plan. This will ensure that all are made accountable for the
implementation of the budget. This will also help in coordinating all budget activities for smooth
implementation of the plan

4. Motivation: The budget provides a standard which managers will evaluate their performance
with. If they meet their targets regularly, they may be motivated to go for a higher target. If
budget are dictated from above and imposed on those who are to implement the plan, it will
rather not motivate workers and may be resisted. It can also serve as a useful device for
influencing management behaviour and motivating managers to perform in line with the
organizational objectives.

5. Control: Planned activities can be compared to the actual so that effort will be concentrated on
ascertaining the reasons behind the differences. By investigating the reasons for the differences,
managers may be able to indentify inefficiencies such as the purchases of inferior quality
materials. Appropriate control action will then be taken when reasons for inefficiencies have
been found.

6. Performance Evaluation: As a manager you will like to evaluate your own performance even if
you are not assessed by your superior. However performance is often evaluated by measuring a
manager’s performance against budget and the ability to achieve the targets would lead to
promotion or bonus. The budget thus provides a very useful means of informing managers of
how well they are performing in meeting targets that they have previously helped to set.
Williamson shares the view that, budgets are simply exercises in calculation unless they are
used. When an organisation draws a budget it does so as part of a system of budgetary control.
The controls are some basic ideas of what the entity wants to do. It prepares budgets to help to
achieve those ideas; and then once that is done whatever it is that has to be done, budgetary
controls check to see if expenditures are on course.

Budgetary Controls

Budgetary Control is define by the Chartered of Management Accountants (CIMA)

(2007) as the establishment of mechanism authorising responsibilities of executives to the
requirements of a policy and the continuous comparison of actual with budgeted results either to
secure by individual action the objective of a policy or to provide a basis for its revision.
Hoftsede (1998) defines budgetary controls as planning translated into monetary terms. At the
beginning, a budget is a plan and at the end it is a control device for measurement. In the view of
Slim (1994) budgetary Controls aims at providing a formal basis for monitoring the progress of
the organization as a whole and of its component parts towards the achievement of the objectives
specified in the budget.

Budgetary controls predetermine plans or standards of output and estimated incomes are
compared with actual results and necessary corrective action taken. Otley (1990) mentions that
budgetary control is the main integrative control method for most business enterprises and the
organization business plan can be represented financially by the budget. The budget can thus be
used as a monitor and control method for the complex issues of the business plan. Lucey ( Ibid)
argues that no system of planning can be successful without having an effective and efficient
system of control. Budgeting is closely connected with control. The exercise of control in the
organization with the help of the budget is known as budgetary control

The process of budgetary control includes:

a. Preparation of various budgets;

b. Continuous comparison of actual performance with budgetary performance;

c. Revision of budgets in the light of changed circumstances. The design of budgetary control
system is dependent on several factors. These factors determine how easy to exercise controls in
an organization.

Benefits of Budget

a. It provides clear guidelines for managers and supervisions and is the major way which
organizational objectives are translated into specific tasks and objectives related to individual
managers;

b. The budgetary process is an important method of communication and coordination both

vertically and horizontally;

c. Because of the exception principle, which is at the heart of budgetary control, management
time can be saved and attention directed to areas of most concern;

d. The integration of budgets makes possible better cash and working capital management;

e. Better control of current operations is helped by regular, systematic monitoring and reporting
of activities;

f. Provided there is proper participation, goal congruence is encouraged and motivation

increased. Kaplan (1992) also says that budget brings about improvement and efficiency in the
working conditions of the organization by setting out target of the organization and providing
resources to work towards achieving these targets thus everybody knows what they are working
for and given the necessary resources which will ensure efficiency.

Challenges of a Budget

a. Variances frequent due to changing circumstances and poor forecasting due to managerial
performance

b. Budgets are developed round existing organisation structures which may be inappropriate
for current conditions.
c. The existence of well documented plans may cause inertia and lack of flexibility in adapting
to change.

Badly handled budgetary systems with undue pressure or lack of regard to behavioural factors
may cause antagonism and may lower morale. Drury (Ibid) opines that, budget could be seen as
a pressure device imposed by management resulting in poor labour relations and inaccurate
record keeping. Departmental conflicts over resource allocation and blaming each other when
targets are not meet. It also involves a lot of guess work.

EMPIRICAL REVIEW

SECTION III
METHODOLOGY
Research Design
This study, in view of the nature and purpose of this research employed used the cross-
sectional survey research method. The reason for this choice of method was that the researcher
investigated events in which the interactions between dependent and independent variables had
already occurred and cannot be manipulated. The random sampling technique was used for
selecting the population case study.
Area of the study
The study concentrates on manufacturing companies (organization). The case study for
this research is
Method of data collection
The study relied on secondary data. Secondary data was obtained from external sources
such as the internet, Journals of change and other documentations. The data requirements for the
study include information about Earnings Per Share (EPS), Dividend Per Share (DPS), Net Asset
Per Share (NAS). Information in respect to the following has been collected from the Nigeria
Stock Exchange (NSE) fact book and the relevant portions of the annual financial statement of
the Cadbury Plc.
Technique for data analysis
The Pearson Product Movement Correlation Co-efficient (PPMCC) models were used in
the analysis of data collected. This was used to identify the relationship of the independent and
the dependent variables.
 SECTION IV
PRESENTATION AND ANALYSIS OF DATA
The data utilized in this study consists of turnover as the budget variable, while the performance
indicator for the company is Earnings Per Share.
X Y XY X2 Y2
YEAR (Turnover) (Performance)

2006 28 54 1512 784 2816

2007 15 51 1275 625 2601
2008 16 31 496 256 961
2009 23 14 322 529 196
2010 3 2 6 9 4
£X= 95 £Y=152 £XY=3611 £X2=2203 £Y2=6678
r = Turn over EPS

SECTION IV
SUMMARY, CONCLUSION AND RECOMMENDATION
Summary
It was found that the performance of the manufacturing company leaves much to be desired as a
result of factors such as:
 1. Failure of managers and business operators (not only in manufacturing industry to pay
adequate attention to budget and budgetary control systems.
2. Overdependence on crude oil
3. Neglect of the industry due to epileptic power supply.
4. Collapsing infrastructures
5. Unfavorable sectoral reform.
The researcher also discovered that, a strong relationship exist between turnover as a budget
variable and Earnings Per Share as a performance indicator.
Conclusion
This study examines the relationship between budget, budgetary control and performance of
organizations. The researcher reviewed related literature and contributions to this study, the
problem associated with budget and budgetary control, and among other salient issues relevant to
the subject of the study.
The researcher came to a conclusion that a strong relationship existed between turnover as a
budget variable and Earnings per Share as performance indicators. Infrastructural decay,
inadequacy or total lack, are great impediments to improved performance in organizations.
Recommendations
Following the above findings, managers and business operators should pay attention to the
following:
1. More emphasis should be paid to budget and budgetary control systems for bumper
organizational performance.
2. Budget and budgetary control should be set up in organizations to safe organizations
from creeping performance level to improved and high capacity utilization point.

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